Number of people in the UK going insolvent soars by more than a fifth compared with a year ago

Increasing: 22,503 people went insolvent across England and Wales, which also marked a 6.9 per cent upswing compared with the previous quarter

The number of people going insolvent between April and June jumped by more than a fifth compared with a year earlier, official figures show.

Some 22,503 people went insolvent across England and Wales, which also marked a 6.9 per cent upswing compared with the previous quarter, according to Insolvency Service data.

The latest figures mean that, over the past 12 months, one in every 541 adults became insolvent. The Insolvency Service said this rate increased for the first time in two years. Personal insolvencies include bankruptcies, individual voluntary arrangements and debt relief orders.

Meanwhile, there were 3,537 bankruptcies, marking an 11.2 per cent fall on a year earlier and a 5.4 per cent drop compared with the first three months of 2016.